Finance ministry officially proceeds with further loosening of capital controls

Wednesday, 15 November 2017 11:37
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The finance ministry proceeded with a further loosening of capital controls in the country, with a relevant decision published on Tuesday in the government gazette, confirming an earlier report by "N".

The latest loosening of capital controls allows full access to cash repatriated from abroad.

Current, half of any capital imported into the country is subject to capital controls, if the money was transferred after Sept. 1, 2017. Earlier transfers of capital are subject to stricter capital controls.

The unprecedented measure was taken in late June 2015 to prevent a “bank run” in the wake of announcement that a referendum would be held in Greece on the latest offer extended by creditors’ at the time.

The controversial referendum itself came at the climax of shambolic negotiations held by the leftist-rightist Tsipras coalition government over the first half of 2015.

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